OFID lends USD 10 million to Armenia

(dailystar) - OPEC fund for International Development (OFID) signed with Armenia a USD 10 million loan.

Director-General of OFID, Suleiman Al-Harbash said in a press statement that this is the second agreement of its kind for beefing up the agricultural development projects in Armenia, reports Trend.

Armenian Minister of Agriculture Davet Lokian thanked after the signing ceremony the efforts made by the OFID to support his country adding that the new funds would bridge the gap between residents of urban and rural areas.

This project encourages the process of development led by the private sector and the investments that address the infrastructure.

OFID's overall grants since 1976 are up to around USD 8.5 billion which is an amount that helped about 120 developing states.